Dear All,
I wanted to know, how the TDS will done in case of Exchange Deed. Like one person is exchanging his land with other.
Whether TDS have to be done in such transaction u/s. 194IA?
Who will do TDS in this case?
On what amount TDS will be done?
Regards
As per section 194IA of Income Tax Act, if the consideration on sale of property exceeds 50 lakhs ,the buyer has to deduct tds @ 1% on total consideration
The amount so deducted shall be deposited with the government with in 7 days from the end of the month in which tds is made
Who will deduct TDS----Buyer
When to deduct TDS----At the time of payment
I am well aware about the above provisions.
Both the parties are receiving consideration, by way of exchange of land. Who will do TDS?
CAclubindia
